Samreen Ahmad · · 1 min readIndian EV ride-hailing firm snaps up $2.5m for fleet expansion
Photo credit: Snap-E Cabs
Just a month after BluSmart Mobility fetched US$24 million, Snap-E Cabs – another electric vehicle-focused ride-hailing platform from India – raised US$2.5 million in a pre-series A round led by Inflection Point Ventures.
Founded by Mayank Bindal and Jaydip Mukherjee in 2022, Snap-E provides an “eco-friendly electric transport service with zero emissions.” Currently operating with 600 electric cars in India’s eastern city of Kolkata, Snap-E is looking to add 300 to 400 more by the end of this financial year.
It is also aiming to extend services to three more cities and add up to 2,000 more EVs by end of next financial year.
This expansion plan will play into the Indian government’s initiative to have EVs make up 30% of total car sales by 2030. This gives startups like Snap-E and BluSmart a first-mover advantage to strengthen their presence in the ride-hailing market.
Rahul Wagh, managing director at Inflection Point Ventures, said that the government’s policies at both the national and state levels “have made the environment conducive for e-mobility in India.”
Apart from expansion, Snap-E will use the fresh funding to hire talent and launch new services.
See also: Bringing electric motorbikes to Southeast Asia’s masses
Editing by Miguel Cordon and Dhania Putri Sarahtika
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